Revision Notes For Class 12 Economics Microeconomics Chapter 1 Introduction

An Introduction to microeconomics is the chapter that gives a brief data about what is microeconomics and its characteristic features. This is a vast concept and various other topics are covered in this chapter – types of economy, central problems of economy at the micro level, branches of economics – micro economics and macro economics, production possibility curve (PPC), opportunity cost, marginal opportunity cost.

Basically, there are 3 types of economies. They are –

  • Market economies
  • Centrally planned
  • Mixed economies

Frequently asked Questions on CBSE Class 12 Microeconomics Notes Chapter 1: Introduction


What is ‘Microeconomics’?

Microeconomics is the branch of economics that analyzes market behavior of individuals and firms in order to understand their decision-making processes.


What is a ‘Mixed Economy’?

A mixed economic system is a system that combines aspects of both capitalism and socialism.


What is a ‘production possibility curve’?

The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology.


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